The Hon. M.J. ELLIOTT: On behalf of the Democrats, I support the second reading of the Bill. This Bill amends the Stamp Duties Act 1923, the Debits Tax Act 1994, and the Financial Institutions Duty Act 1983. The broad purpose of the Bill is to ensure that cheque duty, debits tax and FID continue to be collected in accordance with the current revenue base. The Commonwealth changed provisions relating to the issue of cheques so that banks no longer act as agencies for other financial bodies.

I have received letters of support from the various financial institutions which are affected by this legislation, although I am not sure that the banks wrote in support of it: they just did not write at all. It is proposed that this will increase competition and consumer choice, which might explain why the banks had nothing to say. The State Acts are being opened up to allow this change and, while open, this Bill allows clarification of exemptions that ensure that duty is not payable on revising errors or disallowed cheques. With those few words, I support the second reading.